DEPARTMENT OF LANDS AND SURVEY. DISCHARGED SOLDIERS SETTLEMENT. REPORT FOR THE YEAR ENDED 31st MARCH, 1928.

Appendix to the Journals of the House of Representatives, 1928 Session I, C-09

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1928. NEW ZEALAND

DEPARTMENT OF LANDS AND SURVEY. DISCHARGED SOLDIERS SETTLEMENT. REPORT FOR THE YEAR ENDED 31st MARCH, 1928.

Presented to both Houses of the General Assembly pursuant to Section 14 oj the Discharged Soldiers Settlement Act, 191").

CONTENTS. General. Report :— pave i Appendix — continued. Dominion Revaluation Board (Report of Chairman) 2 I Tables— continued. paqh Financial Review .. .. .. .. 7 I Table 2.—Statement of Mortgage Transactions 15 Lands proclaimed .. .. .. .. 9 Discharged Soldiers Settlement Account— Applications received and Lands allotted .. 9 Transactions for Year .. .. 17 Balance-sheet .. .. .. 18 Appendix :— Land for Settlements Account (Discharged Soldiers Reports of Commissioners of Crown Lands .. 10 Settlement Account) — Tables— Transactions for Year .. .. .. 20 Table I.—Total Lands acquired by Discharged Balance-sheet .. .. .. ..21 Soldiers.. .. .. .. .. 14

Sir, — Department of Lands and Survey, Wellington, 30th June, 1928. In accordance with the provisions of the Discharged Soldiers Settlement Act, 1915, I have the honour to submit herewith the report of the operations under the Act for the year ended 31st March, 1928. I have, &c, J. B. Thompson, Tho Hon. A. D. McLcod, Minister of Lands. Under-Secretary.

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EEPOET OF CHAIEMAN OF THE DOMINION REVALUATION BOARD. THE DISCHARGED SOLDIERS SETTLEMENT AMENDMENT ACTS, 1923 AND 1924. Revaluation of Soldier Settlers' Farms, and Investigation op Current Account Advances. As indicated in last year's report, the Dominion Revaluation Board has completed the major duties delegated to it under the Discharged Soldiers Settlement Amendment Acts, 1923 and 1924, but during the past year it has been concerned with revisions of some of its previous determinations in cases where it has been found that settlers were still unable to carry on even with adjusted charges based on former valuations. It has been found in some cases where arrears were postponed for a period of years at time of revaluation in 1924 that the settler has no prospect of being able to overtake these accrued charges, and it has been considered necessary to remit the postponed amounts to give the settler a chance to continue in occupation of his holding and to assist him in his endeavour to achieve ultimate success. As far as arrears accrued later than 30th June, 1923, are concerned, recommendations for remission, where justified, have been made to the District Land Boards, and where these have been given effect to the benefits therefrom to the settler, and to the Department in the improved security, are apparent. In this connection satisfactory results have been achieved by the remission of portion of the annual charges for one or two years as they fall due, conditionally on improvements being effected to a value equalling the amount of the remission. Such improvements are to assist the development of the properties up to their maximum carrying-capacity, and the work is carried out under the supervision of the Field Inspectors. It is considered that a judicious expenditure for lime and fertilizers over a period of years will enable many of the settlers to get the maximum returns from the better portions of their farms and thereby ensure their ability to meet their commitments in full. The past year's operations of the Board have been instrumental in placing on a good footing for the future men who have been endeavouring to farm overcharged properties. There has been a marked decrease in the number of abandoned farms thrown back on to tho hands of the Department ; and here it may be remarked that in many cases were it not for the existence of the Dominion Revaluation Board, and its powers, Land Boards would be faced with the alternative of forfeiture or foreclosure, as the case might be. It will be appreciated that the loss which would have to be faced by the Government in the case of abandonment of holdings is considerably greater than that caused through reduction in charges by the Board. Each case has been taken individually and dealt with on its merits, resulting in a decision calculated to afford the greatest possible relief and to ensure more production. The assistance rendered by private mortgagees in discharging or considerably reducing encumbrances to their present-day worth—in certain cases as a result of negotiations entered into by the Board —must not be overlooked. Tho benefits accruing to the mortgagors in this respect .are to bo measured in no small degree, as without the removal of encumbrances registered subsequent to the Crown's security reductions by the Board in some cases would not have been possible. Barriers have accordingly been removed which would otherwise have permanently crippled the settlers in their efforts to obtain a living from over-encumbered properties. The Board's opinion is that the majority of soldier settlers arc now on a stable footing, and that there is a reasonable prospect of their being able to discharge their responsibilities to tho Department and meet their commitments in full in the future. A pleasing result of the Board's work is evidenced in the fresh heart taken by the settlers concerned, which is reflected in the increased energies thrown by them into the working of their farms. The value of such encouragement cannot be overestimated as regards tho place it occupies in the establishment of the successful settler. Letters of appreciation from the settlers have been received from time to time, which in their turn have heartened the Board. An increasing measure of contentment with their conditions is noticeable in the soldier settlers assisted, and the relations between Department and settler have been correspondingly improved. The men, it is pleasing to report, are, with a few inevitable exceptions, genuine triers. A number of postponements which were made at commencement of revaluation for a period of five years fall due in July of this year, and it is anticipated in many cases that payment of these accrued charges will bo made, indicating the improved position of the settler as compared with that in 1923 or 1924. In some cases the difficulty has been the smallness of area, in which instances reduction in capital value would have afforded only Temporary relief. Where possible, additional areas have been secured for the settlers concerned, and it is believed that with the increased area at their disposal the men will eventually make good. Once again the Board has to record its appreciation of the work done by the various District Land Offices in the compilation of reports and other information to assist the Board in its deliberations. These have been framed in such a way as to enable the Board without much difficulty to view the whole position in each case, and to determine just what assistance is warranted and necessary in the face of the situation as disclosed. As indicated in last year's report, the Board has this year, too, carried on its functions at an absolute minimum of cost and staff. The schedules here following show the operations of the Board on the various accounts as at the 31st March, 1928. J. B, Thompson, Chairman.

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Summary of Operations as at 31st March, 1928. Applications for Revaluation. Number of applications for revaluation received .. .. .. .. .. 5,347 Number of cases dealt with and determinations issued by the Dominion Revaluation Board 5,284 Number of cases not dealt with due to forfeiture or abandonment .. .. .. 63 The above result is very satisfactory, as showing so few settlers having to drop out during practically twelve months subsequent to lodging applications. Total capital invested (comprising capital values of Crown leaseholds and advances under £ section 2, Discharged Soldiers Settlement Amendment Act, 1917) .. .. 17,238,237 Capital dealt with by Dominion Revaluation Board .. .. .. .. 12,528,835 Reduction in capital by Dominion Revaluation Board .. .. .. .. 2,678,078 Reduction in Land and Crown Mortgage Values. £ Reduction in capital value of leaseholds .. .. .. .. .. .. 1,876,366 Reduction in Crown's mortgage (under section 2) .. .. : .. .. .. 801,712 Total ... .. .. .. .. .. .. £2,678,078 Private Mortgages and Debts. Mortgages and debts of various descriptions owing by soldier settlers to persons other £ than the Crown .. .. .. .. .. .. .. .. 162,365 Reduction obtained in the above by efforts of Dominion Board .. .. .. 122,909 Percentage of reduction to original debt .. .. .. .. .. .. 75-7 percent. Private Mortgages and Debts purchased. £ Original value of mortgages and debts purchased by the Crown .. .. .. 71,761 Price paid by Crown after negotiation .. .. .. .. .. .. 33,936 Discount obtained and which is credited to settlers.. .. .. .. .. 29,560 Percentage of discount .. ... .. .. .. .. .. .. 41-2 per cent. The difference represents the amount paid by the settlers themselves to successfully complete the negotiations. Remission of Instalment Interest and Rent. £ Granted, by Dominion Revaluation Board in respect of arrears at 30th June, 1923 .. 178,335 Granted by Land Boards on recommendation of Dominion Revaluation Board with respect to payments accruing subsequent to 30th June, 1923 .. .. .. 225,423 Total remissions .. .. .. .. .. .. £403,758 Mortgage instalments, rents, &c, automatically written off, due to reduction being retrospective to Ist July, 1921, or date of title, &o. .. .. .. .. £431,273 Postponements of Arrears as at 30th June, 1923, granted by Dominion Revaluation Board. £ Rent, principal, and instalment interest for periods up to ten years . . . . ~ 320,481 Instalments to end of mortgage term .. .. .. .. .. .. 126,856 Total postponements granted by Dominion Revaluation Board .. £447,337 Postponements of payments accruing subsequent to 30th June, 1923, granted by Land Boards on recommendation of Dominion Revaluation Board .. .. .. £148,364 An extended schedule gives particulars for each land district under all headings. Investigation of Current Accounts under the Discharged Soldiers Settlement Amendment Act, 1924. Number of accounts subject to investigation (approximate) .. .. .. .. 4,909 Current Accounts sustained .. .. .. .. .. .. .. 3,995 Reductions in Current Accounts (in some of these cases transfers were also made to Suspense Account) .. .. .. .. .. .. .. .. .. 829 Transfers to Suspense Account (apart from those cases where reductions were also made) 85 4,909

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Revaluation of Soldiers Farms in Terms of the Discharged Soldiers Settlement Amendment Act, 1923.— Report as at the 31st March, 1928.

District. Rent, Interest, or Instalment written off, -R om ; oe i,™ ~- . Total Capital invested or consequent upon t> „■, , „ ,„j "V, r j i 2™?„ Total Capital Value Reduction of Capital. Revaluation dating ■ °n ? RnorH „ b y Land B "% rd on . under each Heading. P back to lst Julv, 1921, b > D ™™° n Board. Recommendation ot or Date of Title, Dominion Board, or other date. Postponements made Postponements Instalment h ? Land Board in granted up to Ten Postponements made SE?n?l 1 i ™ ey ?no U , e Years. to End ol Term. since 30th June 1923 on Recommendation of Dominion Board. Discharged Soldiers Sett] '.ment Account. North Auckland Auckland Gisborne Hawke's Bay Taranaki Wellington .. Marlborough Nelson Westland Canterbury .. Otago Southland .. 1,689,300 0 0 1,268,499 0 0 139,974 0 0 255,932 10 0 858,360 17 2 1,781,002 0 0 231,869 16 6 459,768 18 9 51,631 0 0 1,086,182 0 0 314,108 15 2 432,720 0 0 £ s. d. 1,689,300 0 0 1,268,499 0 0 139,974 0 0 255,932 10 0 858,360 17 2 1,781,002 0 0 231,869 16 6 459,768 18 9 51,631 0 0 1,086,182 0 0 314,108 15 2 432,720 0 0 £ s. d. £ s. d. 132,838 8 8 25,348 14 6 191,243 17 2 27,180 8 2 10,866 16 3 2,473 13 3 26,522 4 11 8,390 13 10 132,282 8 11 28,176 5 4 148,166 0 0 23,535 12 9 23,127 4 0 ' 5,139 0 2 73,206 19 1 21,249 2 5 6,388 14 5 1,035 18 3 32,008 8 2 4,540 0 9 9,916 15 10 1,208 16 8 17,239 4 8 7,050 5 9 £ s. d. 13,031 16 3 16,661 6 7 1,030 3 3 1,946 16 1 8,794 8 11 10,945 3 8 1,689 4 4 1,067 12 5 433 19 5 2,018 18 9 524 1 0 2,614 19 5 £ s. d. 36,108 7 11 38,448 8 10 110 14 9 7,468 10 3 8,198 11 4 19,627 3 7 ! 3,850 16 5 6,273 16 8 : 1,386 6 4 3,427 2 10 3,243 3 8 4,658 13 3 £ s. d. 33,864 13 10 23,449 19 0 4,726 15 7 12,286 16 7 15,769 12 6 30,339 18 3 5,540 8 5 15,276 9 11 1,039 2 9 19,171 6 5 4,960 15 6 9,979 3 2 £ s. d. 26,718 4 7 24,661 4 7 255 12 4 7,146 7 10 11,558 15 0 20,523 16 10 2,702 18 4 15,757 15 0 3,537 10 11 7,063 8 0 2,569 1 0 4,361 4 0 £ s. d. 25,971 7 6 19,373 16 1 352 13 10 6,594 1 6 9,669 18 8 4,758 14 1 3,444 1 3 6,904 12 9 1,838 16 1 12,110 12 0 2,893 15 6 2,915 7 11 Totals 8,549,348 17 7 8,549,348 17 7 803,806 17 1 155,358 11 10 60,758 10 1 132,801 15 10 176,405 1 11 126,855 18 5 96,827 17 2 North Auckland Auckland Gisborne Hawke's Bay Taranaki Wellington .. Marlborough Nelson Westland Canterbury .. Otago Southland .. 179,701 0 0 358,321 17 0 39.320 1 5 221,646 0 0 77,836 19 3 843,186 0 0 54,151 13 9 66,135 16 9 1.177 13 0 816,013 4 4 218,149 0 0 109,630 12 10 Land for Settlements Account. 48,128 8 9 • 7,746 9 0 | 1,889 9 6 99,600 6 1 16,450 10 0 i 12,217 1 10 7,131 3 3 645 5 8 22 17 5 31,210 0 0 4,083 0 0 8,181 0 0 17,820 0 0 2,069 10 0 892 18 1 268,059 0 0 46,479 2 3 12,660 0 3 600 0 0 1,599 15 0 271 16 0 10,440 0 0 1,671 3 4 304 7 6 70,5i2 0 0 9,694 15 6 10,323 19 7 51.228 6 8 4,271 3 7 2,277 12 7 15,939 1 1 2,486 10 1 1,567 19 3 2,741 14 0 9,429 16 6 3,712 0 0 133 2 8 4,900 14 0 37 2 6 442 16 5 3,953 8 4 4,271 14 4 1,253 10 1 2.465 1 4 7,771 3 8 1,075 8 4 5,450 0 0 1,913 5 4 19,747 6 7 2,130 0 7 1,255 11 7 112 5 11 22,467 1 2 3.908 4 0 927 7 3 1,398 16 3 4,960 6 3 352 3 4 915 0 0 97 13 0 5,803 18 5 455 17 6 195 13 6 12 10 0 9,467 11 10 2,041 2 2 1,333 9 5 Totals 2,985,269 18 4 620,668 5 10 97,197 4 5 50,609 2 0 30,875 18 10 69,222 15 9 27,034 1 8 North Auckland Auckland Gisborne Hawke's Bay Taranaki Wellington .. Marlborough Nelson Westland Canterbury .. Otago Southland .. 93,405 0 0 265,285 0 0 366,405 19 4 303,227 0 0 239,782 10 0 722,693 0 0 89,251 0 0 98,815 0 0 333,000 0 0 241,814 0 0 38,055 0 0 93,405 0 0 265,285 0 0 366,405 19 4 303,227 0 0 239,782 10 0 722.693 0 0 89,251 0 0 98,815 0 0 \nd for Settlements At 31,450 0 0 120,226 9 5 139,906 0 0 107,787 0 0 53,322 10 10 302,342 0 0 16,996 0 0 4,550 0 0 int (Discharged i 5,115 10 9 18.125 19 4 18.613 19 5 18,514 0 0 7,022 13 10 51,917 14 8 2,455 6 6 658 15 5 'oldiers Settlement Account). 1,576 13 9 2,731 4 9 2,536 11 11 3,673 4 9 11,779 11 2 4,290 0 0 3,873 3 6 1,187 12 2 5,831 19 3 6,875 9 9 2,534 19 8 318 7 5 7,077 5 4 1,857 16 9 962 4 11 3,021 12 1 379 15 9 382 16 0 76 5 6 672 18 8 6,512 5 3 5,006 0 0 2,232 15 1 11,431 7 3 1,747 14 10 1,239 18 5 5,682 6 6 6,149 12 7 162 16 5 I 1,029 0 0 317 14 0 4,640 0 0 445 6 2 2.982 8 11 534 16 3 204 6 1 3,827 7 7 1.618 4 5 48 10 8 333,000 0 0 241,814 0 0 38.055 0 0 76,401 18 2 51,727 0 0 7,045 0 0 10,310 14 7 4,822 11 1 1,109 11 9 Totals 2,791,733 9 4 2,791,733 9 4 911,753 18 5 138,666 17 4 40,842 5 3 20,048 3 8 40,914 0 6 ■ 15,647 14 1

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)%ve . Land Settleme', Account. North Auckland Auckland Gisborne Hawke's Bay Taranaki Wellington .. MarlboroughNelson Westland Canterbury .. Otago Southland .. £ s. d. 2,340 0 0 103,550 0 0 124,865 0 0 506,651 0 0 43,394 8 2 48,039 0 0 £ s. d. 250 0 0 33.082 0 0 15,005 0 0 60.014 0 0 7,835 0 0 7,784 0 0 £ s. d. 34 8 0 1,853 15 1 1,701 18 4 9,363 0 0 224 3 6 577 18 0 £ s. d. 243 3 1 £ s. d. 4,091 6 6 £ s. d. 427 7 3 1,642 3 0 9.969 0 0 123 12 0 1,217 7 4 £ s. d. £ s. d. 384 12 0 67 10 0 2,004 0 0 13,759 0 0 ! 177 4 9 73 5 0 5,360 0 0 233 3 8 1,167 19 11 •• •• -• Totals 828,839 8 2 828,839 8 2 123,970 0 0 123,970 0 0 13,755 0 11 14,252 12 10 10,852 10 1 13,379 9 7 2,456 2 0 North Auckland Auckland Gisborne Hawke's Bay Taranaki Wellington .. Marlborough Nelson Westland Canterbury .. Otago Southland .. 80,185 0 0 50,691 0 0 14,714 0 0 45,469 10 0 15.276 0 0 44,243 0 0 157,054 19 0 4.448 5 0 184,359 1 3 121.835 0 0 14,194 17 6 17,455 16 0 4,190 0 0 2,010 0 0 4,497 0 0 5,279 15 6 60 0 0 17,345 0 0 385 0 0 250 0 0 17,455 16 0 4,190 0 0 2,010 0 0 4,497 0 0 'ational Endmvme', 2,089 4 11 577 1 0 229 16 0 453 16 0 Account. 281 10 8 ! 294 4 0 107 13 2 315 10 0 189 1 4 1,873 3 4 32 2 4 32 16 0 3,335 9 5 2,059 13 1 48 0 0 672 6 8 272 0 0 3 18 0 75 18 4 89 19 2 138 7 0 : 408 19 4 114 0 0 171 2 2 229 0 0 160 6 3 50 16 0 474 19 2 394 7 4 37 3 6 4,338 16 3 621 3 6 88 0 0 201 0 2 46 1 7 49 4 0 1,126 10 0 5.279 15 6 60 0 0 17,345 0 0 385 0 0 250 0 0 556 11 2 4 5 4 2,951 0 0 30 16 0 45 0 0 3211 0 Totals 732,470 12 9 732,470 12 9 51,472 11 6 51,472 11 6 6,937 10 5 3,126 0 10 6,697 11 8 6,955 13 6 1,543 6 9 Crown Landi f. North Auckland Auckland Gisborne Hawke's Bay Taranaki Wellington .. Marlborough Nelson Westland Canterbury .. Otago Southland .. 73,221 0 0 106,170 0 0 25,954 0 0 13,346 0 0 75,682 11 11 110,213 0 0 35,629 0 0 270,238 10 6 2,075 14 7 18,035 3 1 179,301 0 0 31,178 4 1 5,525 0 0 28,607 7 0 5,862 2 6 14,047 6 4 45,413 0 0 851 15 0 965 0 0 280 0 0 4,393 15 0 2,150 0 0 5,525 0 0 28,607 7 0 5,862 2 6 718 12 1 4,053 2 0 639 9 7 550 11 10 2,037 6 10 679 19 7 1,764 13 10 8,516 7 7 18' 0 0 979 15 2 5,170 5 11 34 9 7 122 3 10 88 8 0 1,275 17 8 519 18 0 1,506 11 3 325 14 3 214 0 0 1,295 5 2 2,816 8 3 510 6 0 302 19 0 23 2 11 78 12 6 241 1 8 107 11 0 282 13 10 692 4 6 14,047 6 4 45,413 0 0 851 15 0 965 0 0 1,191 0 1 3,326 11 0 745 15 0 73 4 1 1,039 3 7 2,194 1 8 31 3 8 61 9 4 43 18 0 66 12 0 916 6 0 60 10 0 35 15 3 280 0 0 4,393 15 0 2,150 0 0 37 16 0 469 9 8 313 2 0 23 17 6 194 15 5 215 9 2 73 0 0 Totals 941,044 4 2 941,044 4 2 108,095 5 10 108,095 5 10 11,568 1 6 6,856 7 5 17,970 1 7 7,941 10 0 2,342 10 9

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Revaluation of Soldiers Farms in Terms of the Discharged Soldiers Settlement Amendment Act, 1923, etc.— continued.

Any Other Account. District. Total Capital invested or Total Capital Value under each Heading. Reduction of Capital. Rent, Interest, or Instalment written off, consequent upon . . . . Revaluation dating Remissions granted back to lst July, 1921, b > r Dominion Board, or Date of Title, or other date. Remissions granted Postponements Instalment by Land Board on granted up to ten Postponements made Recommendation of t0 F end of T Dominion Board. Postponements made by Land Board in respect of Moneys due since 30th June, 1923 on Recommendation of Dominion Hoard. North Auckland Auckland Gisborne Hawke's Bay Taranaki Wellington Marlborough Nelson Westland Canterbury Otago Southland .. £ s. d. 1,107 0 0 100,422 0 0 47,555 0 0 24,540 0 0 13,803 16 8 29,901 0 0 £ s. d. 49,785 0 0 3,400 0 0 1,951 0 0 1,310 0 0 1,865 0 0 £ s. d. 6,889 13 8 416 0 0 40 1 4 1S3 0 0 261 2 0 £ s. d. 1,399 9 8 328 0 0 62 18 1 99 14 1 £ s. d. 5,751 4 7 425 12 0 £ s. d. 250 5 0 246 6 6 692 8 4 542 0 0 73 18 7 490 9 11 30 0 0 2,676 12 0 28 13 0 631 10 6 £ s. d. £ s. d. 69 0 0 546 16 0 268 0 0 300 0 0 119,654 3 5 39.264 0 0 32,983 0 0 1,371 12 4 256 17 10 - Totals 409,530 0 1 58,311 0 0 7,789 17 0 1,890 1 10 6,176 16 7 5,662 3 10 2,512 6 2 Grand totals 17,238,236 10 5 2,678,077 18 8 431,273 3 5 178,335 0 3 225,422 18 3 320,480 15 1 126,855 18 5 148,363 18 7 i

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Adjustments by Dominion Revaluation Board in terms of the Discharged Soldiers Settlement Amendment Act, 1924, as at 31st March, 1928.

FINANCIAL REVIEW. Discharged Soldiers Settlement Account. The following table indicates the loans authorized during the year for the purposes stated : —

Of the sum of £28,360 authorized for the erection of dwellings, &c., £7,735 represents additional advances granted to fifty-four owners of properties to assist them in improving and increasing their house accommodation to meet the growing needs of their families. New loans aggregating £20,625 (being portion of £28,360) for the purchase and erection of dwellings and £14,500 to finance some fourteen settlers on farming propositions relate principally to soldiers who suffered physical disability through the war. As funds permit, this policy will be continued. Current Account Advances. —The amount outstanding at the end of the year on open accounts was £2,575,000, being a reduction of £226,000 on the outstanding balance of the previous year. The reduction is caused partly by transfers to Realization Account, but mostly through favourable returns from last season's produce. An examination of a number of the accounts discloses that although a severe drought was experienced the returns were better than expected. The favourable prices for butterfat obtained previous to tho drought, combined with, increased production through the liberal use of fertilizers, avoided what otherwise might have been a bad position. There is little doubt that but for the drought settlers' returns would have been considerably improved. The high prices obtained from wool and lambs were responsible for improving the position of a number of soldiers employed in sheep-farming. Receipts and Payments Account. —The total receipts for the year under all headings are £1,792,006, which constitute a record. The average monthly receipts amounted to £149,334, as against £137,807 for the previous year. It is evident that the adjustment work of the Revaluation Board, followed by mutual working understanding between the Department and settlers, is producing good results. The following statement shows the position of the receipts as compared with previous years : — 1923-24. 1924-25. 1925-26. 1926-27. 1927-28. rt rt rt rt O Principal .. .. 795,841 882,977 940,596 934,374 1,009,346 Interest .. .. 627,921 726,674 689,167 719,310 782,660 Cash advances during tho year show an increase of £49,143 over the previous year, which is mainly confined to advances on Current Account. The withdrawals in the Trading Accounts of settlers for the payment of instalments, interest, and rent are largely responsible for this increase, the increased receipts enabling this to be done. This is a natural corollary to a successful year for the farmer. As a result of the improved turnover in the account, the Treasury has been able to repay debentures to the value of £533,620, while a payment of £320,000 has been made to the Consolidated Fund in respect of interest on the accumulated surplus invested in the account.

Adjustments in ( Hnrrent Account Adjustments in ] ..urrent Account. . { aM Jor geM Buildings under dements Act. Districts. Total Capital invested. Reduction of Capital. Transferred to n-*«i i i7„i„.. Suspense Account. 0ll 8 inal Vamc - Reduced by 1 Nortli Auckland Auckland Gisborne Hawke's Bay .. Taranaki Wellington Marlborough .. Nelson Westland Canterbury Otago Southland i £ s. d. £ s. d. ! 500,072 0 0 37,702 0 4 802,751 6 1 35,689 5 9 115,510 0 0 350 0 0 224.404 19 1 5,762 7 6 297,530 12 9 24,874 0 8 633.405 0 0 48,659 0 0 58,280 0 0 1,235 18 8 106,184 13 3 2,116 0 0 34,176 9 8 640 0 0 250,967 8 6 3,572 6 3 127,808 8 2 3,274 1 0 111,080 8 10 2,453 16 10 I £ s. d. £ s. d. 2,600 0 0 14,210 0 0 13,080 0 0 16,959 0 0 7,114 0 0 380 0 0 9,990 0 0 850 0 0 5,030 0 O 2,040 0 0 .17,375 0 0 200 0 0 200 0 0 762 0 0 4,610 0 0 200 0 0 2,035 0 0 38,712 8 10 90 0 0 11,080 2 1 700 0.0 6,080 0 0 £ s. d. 2,173 2 2 1,406 17 I 114 0 9 1,507 11 2 1,941 .10 2 8,092 0 0 56 10 7 1,736 4 8 699 7 2 689 0 7 Totals 3,262,171 6 4 166,328 17 0 22,937 0 (I 131,360 10 11 18,416 4 4

Number of Returned Soldiers. Amount authorized. Section 6, Discharged Soldiers Settlement Act, 1925 —Advances on Current Account Section 2, Discharged Soldiers Settlement Amendment Act, 1917 —Advances towards purchase of farms, market-gardens, orchards, and discharge of mortgages ' Section 2, Discharged Soldiers Settlement Amendment Act, 1917 —Erection of dwellings, &c. 68 14 £ 94,741 14,500 28 28,360 Totals .. no £137,601

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Revenue Account. —The total income "accrued for the year was £846,787, made up mainly of interest and rents, the actual amount of interest accrued being £776,646. The accrued revenue was insufficient to meet the full charges for interest on capital, there being a deficit of approximately £20,000 for the year, but it is anticipated that when the reduction in the capital as approved by the Minister of Finance under section 22, Finance Act, 1927 (No. 2), becomes operative— i.e., on Ist April, 1928, the account will, under favourable conditions, pay its way. The net loss on the Revenue Account for the year was £1,223,178, the main factors contributing to this position being— £ Losses on realization of securities as approved by Treasury and Audit .. 315,891 Reductions and remissions under Deteriorated Lands Act, 1925 .. 38,587 Losses written off under section 4, Discharged Soldiers Settlement Amend- 1,080 ment, Act 1924 Remissions of interest and rent .. .. .. 7,308 Reserve for losses on abandoned properties, &c. .. .. .. 750,000 These items call for no special comment, with, one exception—viz., the reserve of £750,000. This amount has been charged to Revenue Account and credited to a Reserve Account to meet any future losses on securities that have been realized or may later be realized. Section 22 of the Finance Act, 1927 (No. 2), authorizes the Minister of Finance to write off the accumulated losses by reducing the capital of the account, and it is intended to approach the Treasury during the year to have the capital reduced by the amount of the Revenue Aocount loss carried forward as at Ist April, 1928—viz., £1,215,041 —together with the further losses occasioned by the decisions of the Dominion Revaulation Board that were given effect to during the year —viz., £86,896. Had the reserve of £750,000 not been created, the account would continue to be liable for interest on the full amount of capital, a substantial portion of which has been lost through the deterioration of abandoned farms. Balance-sheet. —The accumulated losses as at 31st March, 1927, including tho reductions and remissions granted by the Dominion Revaluation Board to that date, have been written off under the authority of the Minister of Finance by the discharge of liabilities and the reduction of capital as follows :— £ s. d. Interest unpaid on transfer from Consolidated Fund .. .. 880,000 0 0 Interest on debentures due to Consolidated Fund .. .. 160,010 12 6 Interest accrued on redemption of debentures from Consolidated 496 2 1 Fund Redemption of debentures from Consolidated. Fund. .. .. 30,000 0 0 Reduction of £13,500,000 transfer from Consolidated Fund .. 1 600,000 0 0 Against Reserve Account .. .. .. .. .. 250 12 8 £2,670,757 7 3 This takes effect from Ist April, 1928, so that for tho ensuing year the account will be relieved of a charge for interest on the amount of the reduction in the capital of £1,600,000, and this will mean, a reduction of £64,000 in the interest bill. Arrears and Postponements. —The total amount of interest and instalments of principal in arrears and standing postponed to a future date was £469,414, as against £529,484 in the previous year. While there is a considerable reduction in the amount owing, this has not been brought about by cash payments by mortgagors, but as the result of remission of interest by the Dominion Revaluation Board and the several Land Boards, and by the gradual elimination of the " bad marks " by the transfer of their accounts to Realization Account. Property Account and Realization Account. —The amount outstanding in respect of properties bought in and in course of realization is £1,082,314, or a decrease of £197,158 as compared with the previous year. It is gratifying to record this reduction, which indicates a return to more normal conditions. The following statement shows the farms disposed of by way of sale or lease during the year : — Sale. Lease. Number of farms .. .. .. .. .. 157 111 Area (acres) .. .. .. .. .. 48,066 37,930 Price realized for Discharged Soldiers Settlement equity .. £177,728 £128,954 At the close of the year the Department had on hand 312 freehold and leasehold farms, comprising 155,751 acres, valued in all at £346,405. Land for Settlements Account (Discharged Soldiers Settlement Account). The Balance-sheet discloses that accumulated losses have been written off by the Hon. the Minister of Finance as follows :— £ s. d. Remissions of interest due to Consolidated Fund .. .. 466,229 7 6 Reductions in Capital Acoount .. .. .. .. 1,011,000 0 0 Against Reserve Account .. ~ . . .. .. 26,975 7 0 £1,504,204 14 6

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In addition to this the Revenue Account for the past year shows a loss of £223,797 after providing for a reserve of £150,000 for probable losses on account of reductions in value of abandoned properties. Further concessions granted by the Dominion Revaluation Board during the year amount to £15,803, and it is proposed to approach the Treasury this year for a further writing-oil under section 22, Finance Act, 1927 (No. 2). General. Now that tho majority of farms are held and worked by settlers who take a keener and more active interest in improving their returns by the use of manures and by improving their stock the future outlook is decidedly hopeful. Unfortunately, there is a small percentage who are still occupying lands that will never, under the most favourable conditions, produce more than a bare living. While these men occupy their holdings and farm them to the utmost extent possible, but still find themselves in an adverse position, the policy of the Department is first to allow reasonable living and maintenance charges out of the revenue, the balance loft being available for the Department, the unsatisfied, portion of the charges being remitted. It is considered advisable to meet deserving settlers in this manner rather than realize, as no doubt realization would result in increasing the number of farms on the hands of the Department, while the ranks of the unemployed would be increased. A reduction in, the values or mortgage liabilities might appear logical, but the majority of these farms are too small to be self-supporting. The regrouping of two or three such farms into one would probably maintain the values, and is being effected as opportunity oilers. Unfortunately, there is a small percentage of settlers who have been afforded all reasonable assistance but who under the most favourable conditions will not be successful. It would be advisable for these men to follow some other occupations for which they are more fitted. Careful administration of settlers' affairs is still a vital necessity, although it is certain that with the libera] concessions that have been granted settlers generally should not need that careful " nursing " that has been a feature of past administration. It is considered that tho time has arrived when with thrift and good management the bulk of the settlers should have established themselves sufficiently well to carry on and improve their future prospects without further reliance on the State. It can be stated with confidence that there is now a really buoyant feeling throughout our soldier settlements that augurs well for the future. LANDS PROCLAIMED. The lands set apart for selection by discharged soldiers during the year totalled 7,047 acresFrom the inception of the scheme to the 31st March, 1928, a total area of 1,434,537 acres has been proclaimed for soldier settlement. This area is made up as follows : — Class of Land. Area (aores). Ordinary Crown land .. . . .. .. .. .. 600, 439 Cheviot Estate land .. .. .. .. .. .. 3,356 Land-for-settlements land .. . . .. ... . .. 399,744 National-endowment land .. .. .. .. .. .. 430,998 1,434,537 Proclamations have been issued revoking the setting-apart of 216,153 acres of Crown land and 93,844 acres of land-for-settlements land. APPLICATIONS FOR LAND. Applications for land under the Discharged Soldiers Settlement Act, 1915, to the number of ninety-six were received during the year. The following table gives the number of applications and the area allotted for each year from the inception of the soldier-settlement scheme :—

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Year ending Applications i eeeived. Al Number. Allotments made. Area (acres). list March, 1916 1917 .. 1.918 .. 1919 1920 .. 1921 1922 .. 1923 1924 .. 1925 1926 .. 1927 .. 1928 272 522 513 1,379 5,041 5,396 878 284 216 123 109 78 96 2 319 3.13 348 932 1,087 403 146 79 47 86 66 60 629 143,524 103,362 117,018 403,891 414,867 97,972 25,113 16,910 9,014 20,500 17,412 15,695 Totals for thirteen years 14,907 3,888 1,385,907 J. B. Thompson, U iider-Secretar

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10

APPENDIX.

REPORTS OF COMMISSIONERS OF CROWN LANDS. NORTH AUCKLAND. (0. N. Campbell, Commissioner of Crown Lands.) The position with regard to the small farmlets in and around Auckland City is greatly improving, and no difficulty has been experienced in disposing of any of these propositions which have reverted to the Crown. The interest payments received for the year reflected the unemployment problem of the city. It is noticeable that, while the Current Account and farm propositions show increased receipts, payments on dwellings fail to attain previous year's figures. Fewer applications for transfers have been dealt with both in respect to farms and dwellings. As a result of the reductions given by the Dominion Revaluation Board, the majority of soldier farmers are now quite contented, and many of them are firmly established. With very few exceptions all our remaining soldier settlers are out to " make good " on the land, and unless markets slump 1 feel sure that with a little further assistance here and there practically all will win through. With the dwellings, the transfers were principally in cases where financial necessity compelled the mortgagor to divest himself of his obligations. Applications under the Discharged Soldiers Settlement Act. — During the year the applications received numbered 546, which were made up of —postponements, 41 ; purchase of farms, 2 ; transfer of farms, 57 ; additional advances for erection of houses, 9 ; transfer of houses, 92 ; and letting houses, 29 ; and for house extension, 24. Number of houses on hand for sale, 28. The amount recommended on Current Account was £24,535. Since the commencement of the Discharged Soldiers Settlement Act, 258 farms have come into the hands of the Department. Of this number 242 have been either sold or leased, and there is at present on hand available for selection 16.

AUCKLAND. (K. M. Graham, Commissioner of Crown Lands.) With the exception of a number of soldier settlers here and there on the lighter lands of this district, which suffered severely from the effects of the midsummer drought, soldier settlement on the whole has continued throughout the year to make sound progress towards that inevitable state of stability which adjustments of land and mortgage values, combined with the brighter prospects ahead for the farming community as a whole, have made possible, providing the settler himself exercises industry and thrift, and works his farm in accordance with the best accepted methods of modern farming and soil culture. But for the break in the season the returns from dairying would have totally eclipsed all previous records ; but despite the falling-off of returns it is even now expected that a favourable autumn will do much to retrieve the losses due directly to the drought months, and that most of the settlers will be able to redeem some of their back debts, which were largely incurred in the early years of soldier settlement, and that others, harder hit, will at least finish up the season showing no actual decrease in returns as compared with their receipts of last year. A large number of the settlers went in for pigs this year as a side-line, but so far prices have not produced the profits anticipated, but, though the result is disappointing, there is no reason to doubtthat with careful management and feeding the pig must increasingly become a necessary and valuable adjunct to the small dairy farm if the greatest possible return is to be achieved. Applications under the Soldiers Settlement Act have been confined to. transfers, advances on Current Account, and to a lessor extent to further postponements or relief of that nature, and every possible consideration has been given to all cases coming before the Land Board in this latter connection. The several amounts of loans and advances outstanding at the end of this financial year are as follows: Farms, £868,039; dwellings, £385,800; Current Account, £614,553.

GTSBORNE. (E. H. Farnie, Commissioner of Crown Lands.) The great majority of the soldier settlers in this district have done very well. Forfeitures were few, and the remaining soldier settlers should not have any difficulty in making good. The Wharekaka settlers had a good season. One settler with only three extra cows had 2,000 lb. butterfat over the returns from the previous season, and this applied generally. The increase was the result of top-dressing and the provision of an adequate water-supply. The settlement did not feel the drought in January and February. On the Paremata Settlement the milk returns decreased in January and February, but have recovered since. The settlers have not done the same amount of top-dressing, as those on the Wharekaka Settlement, and the land dries up much quicker. The last season's butterfat average was about Is. 3|d., and this season should be about Is. 4d. There is plenty of feed everywhere on these two settlements, and the stock are in good condition.

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Hukutaia Settlement, Opotiki, had a. splendid spring and early summer. The majority of the settlers had larger butterfat returns this season than last. The prices of butterfat are also expected to be a shade higher. The settlements on the Poverty Bay flats —Repongaere, G-lencoe, and Homebush —commenced the season under favourable conditions, the stock having wintered very well. The semi-drought in January and February, of course, affected the returns, but the warm rains followed by warm sunshine have since increased the return enormously. As far as the Wairoa settlements are concerned —Ardkeen, Ohuka, Putere, and Te Reinga—the season has been a really good one, and most of the settlers have done well. These settlements are sheep-farming propositions. Wool-prices opened well and continued good all through the season ; the lambing percentage and percentage of fat lambs were also good, and the prices for surplus stock were high. There is still an abundance of feed everywhere, and a good start for next season is assured. Speaking generally, all the soldier settlements and settlers are now in a very favourable position. There are one or two men who may have to be helped further, but the rest should have no difficulty in making good. HAWKE'S BAY. (J. D. Thomson, Commissioner of Crown Lands.) The effects of the improved position of the soldier settlers through the relief afforded by the determinations and recommendations of the Dominion Revaluation. Board have been shown in a very marked degree during the year just ended. Dairy cows went into the winter in splendid order, and under unusually fine weather conditions throughout the winter were able to put up a butterfat record during the milking season as, with but a slight setback during January and part of February, the growth of feed was phenomenal. The season, in every respect, has been a particularly satisfactory one for the sheep-farmer. There has been a marked falling-ofi in losses from the various causes which, in one form or another, have in the past taken heavy toll; while the lambing percentage has been 15 per cent, higher. The orchardist has also had a remarkably good season. An ample rainfall, almost total absence of high winds, no disastrous hailstorm such as has been experienced in other seasons, and. good prices in the local and Home markets have combined to make the orchard a financial success. A cherryorchard of 5 acres stands to net the fortunate owner no less than £600, and on apple-orchards of 7 acres the returns this year will average £700. It is anticipated that fully 170,000 cases of apples will be exported this season —about double the number exported last season. The spell, of dry weather during January and. February was most opportune so far as the agriculturist was affected, enabling him to harvest successfully heavy crops of oats, lucerne, clover, and meadow-hay, while a considerable amount of excellent Danthonia seed was harvested by means of the stripper. All root crops, with the exception of potatoes, have been unusually heavy, and escaped the ravages of the general summer pests. The prospects for the coming season are distinctly bright. During the year ten farms were abandoned or forfeited ; of these, six have been disposed of, and it is anticipated that the remainder will be readily taken up when put on the market. TARANAKI. (W. I). Armit, Commissioner of Crown Lands.) . The past season has been a very satisfactory one for the grazier soldier settler. A uniform high level of wool-prices at the various sales this year has been a very encouraging factor. An immense amount of good has been derived from the exceptionally dry season in the grazing districts inland, where considerable areas of fern and second growth have been.cleaned up and resown. Sheep-prices of all description have reached a high level, and a considerable movement of stock, replacing sales of fats, was seen this month. Dry-sheep returns have been quite satisfactory to the settler farming difficult country unsuitable for breeding, while store-lamb prices have reached a higher figure than has been experienced for several years. The dairyman has not benefited to the same degree. A very satisfactory spring has been followed by the dry season, which in some cases led to an acute shortage of water, as well as lack of pasturegrowth. The worst-affected portion of the district comprised the area from Uruti following the coastal belt to Opunake, where rains were a month to six weeks later in arriving than in the other portions of this land district. With the remarkable recuperative power of Taranaki pastures the seasonal results cannot yet be seen, although many soldier settlers' herds have commenced to dry off much earlier than usual, and one milking per day has already been resorted to. The prospects for winter in these cases are not bright. It is satisfactory to see an increasing percentage of the soldier settlers arriving at a financial point where a sound equity is disclosed in the securities. There are, however, unfortunately a considerable number who do not appear to make any appreciable improvement, and the ultimate result of success or failure is not yet evident. The benefits derived from the Deteriorated Lands Act are beginning to show. Supervision is given to each case, and the soldier settler, in common with the Crown tenant, appears to be appreciative of the benefits offered by way of remission of rental or interest provided stipulated improvements are carried out. The small margin of profit over charges in many cases does not permit of rapid progress, however.

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During the past twelve months twenty-two soldier properties have been abandoned or made subject to foreclosure, and twelve farm properties have been disposed of. There is decidedly better inquiry of late months for grazing-country, which comprises the bulk of the vacant farms. Dairy propositions are readily disposed of at all times. On farm properties there are 420 soldiers who have received assistance under section 2"of the Discharged Soldiers Settlement Act, 1917, and 490 have been financed into house properties. Including Current Account advances, a total sum of £1,202,459 17s. is outstanding. During the past year the revenue amounted to £184,784 ss. Bd., and advances totalling £85,137 12s. 3d. were made. The arrears under each heading have been slightly reduced during the year, and at present stand as follows : Farm properties, £11,745 os. 4d.; house properties, £2,118 17s. 6d.; and Current Account interest, £2,670 10s. During the last twelve months considerable concessions have been made to the soldier farmers, in reducing theft' mortgages and in remitting and postponing their outstanding interest payments. Practically every Board meeting sees applications being lodged for transfers or dealings with house properties, due partly to unemployment and partly to transfer of mortgagors to other districts. Through various reasons it was found necessary to exercise power of sale in fourteen cases during the year, and fifteen resales were effected. Unfortunately, there is very little demand for house properties at present, and there are still about fifteen houses on hand.

WELLINGTON. (H. W. C. Mackintosh, Commissioner of Crown Lands.) Soldier settlers are scattered riglit throughout the whole district, and the remarks made as to conditions of settlement on ordinary Crown lands apply generally to them. There is this difference, however : that in a number of cases the soldier settler has little and sometimes no reserve capital with which to meet any adverse circumstance, such as drought, disease in the herd, or the expenditure necessary to maintain pastures, or to increase their production. Taking into consideration the present price of produce, where the settlers are engaged in dairying it is recognized that the main reason for the shortage of reserve capital is, in at least some of the soldier settlements, that the areas are on the small side for really successful farming. It is the policy of the Wellington Land Board, when a holding becomes vacant in one of these settlements, to split it up in the most economical manner among the adjoining men. This has been done in several cases, and the settlers who have obtained increased areas are feeling the benefit. In a number of cases the margin between a successful dairy farm and one that affords a bare existence is often only an area sufficient to carry an additional, say, ten cows ; but to bring about the desired increase of area to give the additional carrying-capacity is a slow process, as so few areas suitable for the purpose are coining back on our hands. However, as further areas fall in in this class of settlement the policy will be continued. Soldier settlers on dairying-lands have had a good year on the whole. Some of them have topdressed their pastures, with good effect. There seems a growing desire among dairymen to get the best possible class of dairy cows, and they are culling the " boarders " from their herds and replacing them with the best they can afford. Graziers have improved their positions during the year, and should be able in some measure to clear off the deficits of past lean years. There appears at present to be a prospect of present prices stabilizing, and a further improvement in the affairs of these settlers may be looked for next year. A few properties have been abandoned, but these are easily disposed of where the area is of such size that a living can be made on it. The smaller properties, however, are inclined to hang fire. The amount received during the year by way of payments of interest and principal, &c., was £319,303 ss. sd. The amount outstanding on loans and advances as at 31st March, 1.928, was—On farms, £929,751 4s. sd. ; on dwellings, £1,341,612 10s. sd. ; and on Current Account advances, £407,054 18s. 7d. NELSON. (A. F. Waters, Commissioner of Crown Lands.) The majority of soldier settlers in the Nelson District are now on a sound financial basis, with every prospect of making a success of their holdings. There are still a number who, on account of the iimited productive capacity of their properties, are unable to meet accruing charges in full. In these cases a further investigation is being made to ascertain whether a temporary concession in annual charges will enable them to effect sufficient improvements to meet future commitments in full. A considerable number of soldier settlers whose holdings come within the areas proclaimed as being subject to the Deteriorated Land Act, 1925, have received considerable concessions as a result of the investigations of the Special Revaluation Committee. It is anticipated that the relief granted will have the effect of putting the settlers on a sound footing. The protracted dry spell during the past summer has hit many of the soldier settlers very hard. This applies particularly to dairy-farmers, some of whom were compelled to dry off the greater part of their herds in January through lack of feed. Some of the sheep-farmers also were short of feed through grass and log fires. The tobacco crop in many cases failed to come up to expectation, owing to the continued drought. Wool-prices have been unusually high, and sheep-farmers generally have had a successful season. Fruitgrowers have had quite a successful season. The apple crop has been very satisfactory, with every prospect of remunerative prices.

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MARLBOROUGH. (J. Stevenson, Commissioner of Crown Lands.) My general remarks on settlement of Crown lands apply also to the discharged-soldier settlers. The majority engaged in sheep-farming and cropping have experienced quite a satisfactory year, whilst the dairy-farmers, except those in the drought-affected portion of the district, have also gained satisfactory returns, and the general position of settlement may be considered on the improve. Notwithstanding the concessions of the Dominion Revaluation Board, it is apparent that a number of cases still require to be further considered. My absence on. investigation of deteriorated lands has retarded this work in my own district, but it must be commenced at an early date, as it is felt that the overload is still too heavy. Let it be said in favour of the settlers that the majority are genuinely endeavouring to make their ventures successful and are worthy of sympathetic consideration. The conversion of Current Account mortgages to instalment mortgages has received consideration, and the policy of conversion will be steadily advanced as circumstances permit. The following is the position of accounts under the Discharged Soldiers Settlement Act: — Current Account advances, £48,178 Bs. Id. ; instalment mortgage advances on farms, £212,587 ss. 4d. ; instalment mortgage advances on dwellings, £88,336 3s. 6d. : total, £349,101 16s. lid. Receipts during the year, £34,598 18s. 2d. Arrears of interest on Current Account, £2,140 18s. Bd. ; arrears of instalments on farms, £6,477 3s. ; arrears of instalments on dwellings, £199 9s. sd. Postponements of principal and interest at the end of the year amounted to —Farms, £6,914 9s. 9d. ; dwellings, £188 16s. ; Current Account, £347 13s. 9d. WESTLAND. (W. T. Morpeth, Commissioner of Crown Lands.) Almost without exception the discharged-soldier settlers in this district are firmly established. The settlers have come to realize that the advice of the Field Inspectors in the matter of herd-testing and top-dressing is sound, and by a genuine endeavour to keep abreast of the times and profit by the experience of others, combined with the exceptionally favourable spring and summer, they are in a fair way to becoming established on the land, with an assured future. CANTERBURY. (W. Stewart, Commissioner of Crown. Lands.) Soldier settlement is now on a sound basis, and the past good season has firmly established many whose position was still doubtful a year ago. The effects of the Dominion Board's findings has been to hearten those who, despite a, hard struggle, had been unable to make headway under too heavy a burden. It can now be said that this class of settler is better off than many freehold farmers, or even than some of our civilian settlers who are seeking relief under last year's legislation. The few who will not be able to carry on are either unsuitable for farming the class of land they hold or oppressed by debts from which the Department has been unable to secure their release. OTAGO. (R. S. Galbraith, Commissioner of Crown Lands.) The soldier settlers, on the whole, have had a satisfactory year, particularly those who have; been engaged in sheep-farming. The task of ameliorating the conditions under which many men were struggling is now nearing completion. Some adjustments will still be required, both in regard to valuations and areas, but these will not be numerous. All that is needed now to put the soldier settlers firmly on their feet as prosperous farmers is a continuation of last season's market prices combined with favourable weather conditions. SOUTHLAND. (N. C. Kensington, Commissioner of Crown Lands.) Soldier settlement in this district continues to make steady progress. The good prices ruling for wool and lambs has proved of great assistance to those who are going in for mixed farming, but the settler dependent on dairying and supplying a butter-factory will not benefit equally with the supplier to the cheese-factory. Unfortunately for the settler hoping to supplement his returns by the sale of pigs, the price offering for pork is on the low side ; but even so, if run economically, this side-line is of great assistance, and has proved such to many soldier settlers. There are still a few settlers who are on properties that require special attention, and the Dominion Revaluation Board are further reviewing these cases and endeavouring to bettor their position ; but, fortunately, there are very few to which these remarks refer. Speaking generally, there are a very small number of soldier settlers that should not be able to meet their obligations in the future, provided they stock up to full carrying-capacity, cull out, and generally farm on sound lines. Four soldier settlers abandoned their farms during the past year, and these have since been selected. There are no abandoned farms or town houses on the hands of the Department in this district.

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TABLE 1. Total Lands acquired from the Crown by Discharged Soldiers and held at the 31st March, 1928.

14

Sale (including Deferred Payn lent). Lease and License. Grand Totals. Land District. Discharged- Nmnhfi] . soldier dumber Purchasers Ho ,SL_ Number of Discharged- N h soldier Number Purchasers ,. ,','; _ and Holdings. Licensees. Area. Price. Number of w , lmh „,. Disci, urged- Nl ' b,J , rea Annual soldier Hi.iH- -R Rental. Tenants. Hol<Mn 8SNumber of Discharged Soldiers. Number of Area. Holdings. and aoiaings. Licensees. J Under the l)i. 'scharjeii £ Soldiers Si Settlement At. ■ttlemenl Act, 1915, and Amendments. 309 584 118 242 136 749 31 57 20 405 137 105 Acres. 305 55,553 576 91,122 116 58,605 251 95,479 141 31,366 726 .166,004 31 18,572 55 17,676 20 20,488 404 220,175 132 206,251 105 20,711 North Auckland Auckland .. Gisborne .. Hawke's Bay Taranaki .. Wellington Nelson Marlborough Westland Canterbury Otago Southland.. 15 14 45 45 "a "2 13 13 3 3 1 "l 25 25 4 4 13 13 Acres. 2,625 1,339 94 80 1,216 £ 2.314 15,690 S70 4,526 1,292 294 539 118 242 134 736 28 57 19 380 133 92 Acres. £ 294 291 52,928 9.777 539 531 89,783 26,095 118 116 58,605 13,386 242 251 95,479 j 31,378 134 139 31,272 ' 8,684 736 713 165,924 j 77,369 28 28 17,356 1,785 57 55 17,676 5,260 19 19 20,340 217 380 379 219,858 41,080 133 128 205,970 1.3,865 i 92 92 18,973 4,527 [ 148 317 281 1,738 150 8,886 1,320 7.975 Total 121 120 7,838 43,022 2,772 2,772 2,742 994,164 233,423 2,893 j j 2,862 1,002,002 Under other .lets. (This includes lands st elected, at c ordinary b, transfe mllots, leases nr or otherw'. illots, leases and licenses purchased at audi '• or otherwise.) ion, and ht wldings acquired by North Auckland Auckland .. Gisborne .. Hawke's Bay Taranaki . . Wellington Nelson Marlborough Westland Canterbury Otago Southland.. 3 3 49 47 1 1 2 "l 3 "3 "l "l 3 3 1 1 I 1 403 22,754 3 iso 1,099 462 20,503 85 350 586 83 334 36 44 167 149 96 133 69 224 232 46 83 80 19,152 2,827 334 306 144,848 7,348 36 36 35,870 3,761 44 45 14,807 3,795 167 178 65,508 4,798 149 144 55,550 33,470 96 91 52,351 1,542 133 125 249,374 7,324 69 65 ! 17,712 380 224 23S ! 148,584 24,074 232 220 945,472 22,228 46 47 77,651 2,152 86 383 37 44 169 149 99 133 j 70 227 233 47 83 19,555 353 167,602 37 35,873 45 14,807 179 65,688 144 55,550 94 53,450 125 249,374 66 17,912 241 148,640 221 945,525 48 77,778 200 56 53 1.27 168 386 177 40 Totals 64 61 24,875 22,757 1,613 1.613 1,575 1,826,879 113,699 1,677 1,636 1,851.754 Grand totals 185 181 32,713 I 65,779 4,385 4,385 4,317 2,821,043 347,122 4,570 4,498 2,853,756

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C—9

TABLE 2. Statement of Mortgage Transactions, Financial Year ended 31st March, 1928.

PRINCIPAL. INTEREST. DISTRICT. Balance at 31st lin rr.h. 1927, ! including instalments postponed. Advances during Year. r Repayments luring Year. Tranters to Realization and other Accounts. Balauce on Mortgage at 31st March, 1928, including Instalments postponed. Balance at 31st March, 1927, including Postponements. Charges during Year. Receipts during Year. I Losses, Rebates, Balance at Remissions, 31st-March, 1928, and Transfers to including I other Accounts. Postponements. I North Auckland — £ s. d. Current Account .. .. 461,612 6 6 Farms, orchards, &c. .. .. 1,248,028 9 2 Dwellings, business premises, &c... 1,960,308 12 3 £ s. d. £ s. d. £ s. d. £ s. d. 52,676 4 11 45,797 1 2 24,518 4 4 443,973 5 11 2,800 0 0 13,181 4 8 32.534 16 11 1,205,112 7 7 4,200 0 0 I 69,933 13 0 Dr. 1,794 12 8 1.896,369 11 11 £ s. d. £ s. d. 24,518 4 4 443,973 5 11 32.534 16 11 1,205,112 7 7 Dr. 1,794 12 8 1,896,369 11 11 £ s. d. £ s. d. £ a. d. 21,801 16 11 22.646 14 0 : 21,811 6 2 70,605 3 3 61,263 9 2 52,873 5 11 8,152 12 1 98,255 2 2 90.588 0 1 £ s. d. £ s. d 1,397 19 9 i 21,239 5 C 17,495 2 6 : 61,500 4 ( 8,261 10 3 j 7,558 3 11 Totals .. .. .. 3,669,949 7 11 59,676 4 11 128,911 18 10 55,258 8 7 3,545,455 5 5 59,676 4 11 128,911 18 10 55,258 8 7 3,545,455 5 5 100,559 12 3 182,165 5 4 165,272 12 2 27,154 12 6 | 90,297 12 11 Auckland — Current Account .. .. .'668,725 11 6 Farms, orchards, &c. .. .. 898,555 18 5 Dwellings, business premises, &c... 402.874 2 8 i 65.202 11 5 j 62.130 9 0 57,244 6 11 614,553 7 0 2,960 8 9 10,493 1 9 2,443 17 10 888,579 7 7 125 0 0 14,923 15 1 Dr. 1,665 11 2 389,740 18 9 57,244 6 11 2,443 17 10 Dr. 1,665 11 2 614,553 7 0 888,579 7 7 389,740 18 9 . . . . I . I .. .. . . 24,193 3 1 31.794 10 1 32,002 3 2 44,471 14 5 44,868 12 5 37,103 4 0 2.939 13 11 20,412 8 10 19,280 9 10 3,660 4 5 20,325 5 7 20,887 16 0 31.349 6 10 2,112 13 9 1,958 17 2 Totals .. .. .. 1,970,155 12 7 68,288 0 2 87,547 5 10 | 58,022 13 7 1,892,873 13 4 1 : 71,604 11 5 97,075 9 4 88,385 17 0 26,660 14 2 | 53,633 9 Hawke's Bay — Current Account .. .. 217,042 19 5 Farms, orchards, &c. .. .. 294,049 8 1 Dwellings, business premises, <fec... 375,843 18 7 72,521 10 10 66,035 18 3 10,365 12 11 213.162 19 1 1,300 0 0 3,422 5 7 ', 134 8 11 291.792 15 7 3,490 0 0 ! 13,583 4 8 - 3,026 0 8 362,724 13 3 6.325 16 3 11,097 18 9 9,819 5 11 13,234 6 10 14,868 7 0 11,184 8 4 1,971 1 5 18,498 17 3 16.886 1 9 161 9 6,558 10 1,402 17 9 ! 7,442 19 '. 8 ! 10,359 14 11 9 2,180 19 '! Totals .. .. .. 886,936 6 1 886,936 6 1 77,311 10 10 83,041 77,311 10 10 83,041 8 6 13.526 0 6 867,680 7 11 8 6 13,526 0 6 867,680 7 11 21,531 4 6 44,465 3 0 37,889 16 0 j 8,122 18 2 19,983 13 Gisborne — Current Account .. .. I 111,207 13 9 Farms, orchards, &c. .. .. 114,686 8 4 Dwellings, business premises, &c... 155,550 18 2 19,121 11 4 18,473 5 1 j 8,566 19 4 103,289 0 8 3.700 0 0 1,413 12 11 ! 6,969 6 1 110,003 9 4 805 0 0 4,696 10 10 Dr. 987 3 8 152,646 11 0 103,289 0 8 110,003 9 4 152,646 11 0 2,521 6 1 5,462 10 4 6,365 0 8 5,658 7 5 361 18 11 8,033 5 5 5.428 2 0 4.708 1 9 7,257 14 10 128 6 3 3,037 17 8 658 5 7 2,427 8 2 4,277 8 8 479 3 11 Totals .. .. .. 381,445 0 -3 381,445 0 -3 23,626 11 4 24,583 8 10 14,549 1 9 365,939 1 0 23,626 11 4 ! 24,583 8 10 | 14,549 1 9 365,939 1 0 9,248 5 8 19,154 3 2 17,393 18 7 3,824 9 6 7,184 0 Taranaki — Current Account .. .. 246,166 18 1 Farms, orchards, &c. .. .. 717,993 6 5 .Dwellings, business premises, &c... 336,581 10 10 79,144 1 4 96,777 11 2 , 22,095 14 11 206,437 13 4 7,867 5 0 27,780 15 8 682,345 5 9 11,668 0 4 | 4.588 4 6i 320,325 6 0 206,437 13 4 682.345 5 9 320.325 6 0 6,584 1] 2 21,557 12 3 1.215 18 7 11.701 19 6 12,082 9 5 35,072 18 3 28,875 7 0 16,794 11 8 14,927 18 8 7>.452 2 2 6,656 3 5 11,889 6 5 15,865 17 1 1,876 13 1 1,205 18 6 Totals .. .. .. 1,300,741 15 4 79,144 1 4 116,312 16 6 54,464 15 1 11,209,108 5 1 1 - 79,144 1 4 '116,312 16 6 54,464 15 1 1,209,108 5 1 29,358 2 0 63,569 9 5 ! 55,885 15 1 13,313 17 4 23,727 19 Wellington — Current Account .. .. 453,873 16 0 Farms, orchards, &e. .. .. 978,917 18 8 Dwellings, business premises, &c... 1,390,083 9 11 77,730 14 3 92,554 3 11 ! 33.443 1 0 405,607 5 4 539 15 9 15,804 19 7 29,792 10 11 933,860 3 11 16,419 5 7 63,355 8 11 j 1,685 3 6 1,341,462 3 1 I 17,949 9 0 37,296 18 0 2,085 11 11 21,904 14 5 22,444 8 4 47.075 15 6 ■ 41,052 5 1 70.390 10 7 j 64,724 10 7 3.728 11 7 i 13,681 3 15,720 5 10 27,600 2 6,236 11 4 : 1,515 0 Totals .. .. ,. 2,822,875 4 7 94,689 15 7 171,714 12 5 j 64,920 15 5 2,680,929 12 4 94,689 15 7 171,714 12 5 64,920 15 5 2,680,929 12 4 57,331 18 11 139,371 0 6 128,221 4 0 25,685 8 9 42,796 6

0.-9.

TABLE 2— continued. Statement of Mortgage Transactions, Financial Year ended 31st March, 1928— continued.

16

PRINCIPAL. INTEREST. DISTRICT. Balance at 31st March, 1927, including Instalments postponed. Advances during Year. Repayments daring Year. Transfers to Realization and other Accounts. Balance on Mortgage at 31st March, 1928, including Instalments postponed. Balance at 31st March, 1927, including Postponements. Charges during Year. Receipts during Year. Losses, Rebates, Balance at Remissions, 81st March. 1928, and Transfers to including other Accounts. Postponements. Marlborough — £ s. d. Current Account .. ., 51,899 13 11 Farms, orchards, &c. .. .. 221,042 17 5 Dwellings, business premises, &c... 93,351 1 2 £ s. d. £ s. d. 9,546 13 4 10,326 8 4 200 0 0 2,772 15 5 3.117 6 11 £ s. d. 2.941 10 10 2,415 5 8 1,680 17 0 £ s. d. 48,178 8 1 216,054 16 4 88,552 17 3 £ s. d. I £ s. d. 2,344 0 10 I 2.497 10 7 10,258 6 2 • 10.773 0 7 39 14 7 j 4.679 16 1 £ s. d. 2,397 0 8 9,110 4 4 4,259 1 5 £ s. d. Dr. 53 0 4 2,028 6 6 304 17 6 £ s. d. 2,497 11 1 9,894 15 11 155 11 9 Totals .. .. .. 366,293 12 6 366,293 12 6 9,746 13 4 16,216 10 8 9,746 13 4 | 16,216 10 8 7,037 13 6 352,786 1 8 12,642 1 7 : 17,950 7 3 15,766 6 5 2,278 3 8 12,547 18 9 Nelson — Current Account .. .. 103,490 2 11 Farms, orchards, &c. .. .. 349,521 19 3 Dwellings, business premises, &c . 63,750 13 9 103,490 2 11 349,521 19 3 63,750 13 9 8,700 7 1 158 8 6 8,700 7 1 11,687 13 2 158 8 6 5,052 18 4 : 3.550 5 9 11.887 13 2 5,052 18 4 3.550 5 9 14,137 11 7 7,576 1 10 Dr. 242 13 2 86,365 5 3 337,051 7 7 60,443 1 2 3.547 14 8 4.853 2 10 14.561 4 7 17,027 0 6 68 16 9 3,219 11 3 4,402 5 3 12,041 11 0 2,850 13 0 364 5 9,014 6 396 10 8 3 6 3,634 6 7 10,532 7 10 41 4 6 Totals .. .. .. 516,762 15 11 516,762 15 11 8,858 15 7 20,290 17 3 8,858 15 7 20,290 17 3 21,471 0 3 483,859 14 0 18,177 16 0 25,099 14 7 19,294 9 3 9,775 2 5 14,207 18 11 Westland — Current Account .. .. 32,635 2 11 Farms, orchards, &c. .. .. 70,624 11 0 Dwellings, business premises, &c... 19,540 5 4 32,635 2 11 70,624 11 0 19.540 5 4 2,192 3 4 2,523 0 5 1,275 0 0 643 18 11 1,101 6 1 2,192 3 4 1,275 0 0 2,523 0 5 643 18 11 1,101 6 1 6,555 4 2 Dr. 1,893 14 3 57 5 9 25.749 1 8 73.149 6 4 18,381 13 6 1,579 1 6 1,370 13 7 i 1,086 19 8 3,211 12 2 3,550 1 10 ! 2,384 11 7 85 18 8 969 1 3 890 17 11 260 9 0 1,309 10 0 84 13 9 1,602 6 5 3,067 12 5 79 8 3 Totals .. .. .. 122,799 19 3 122,799 19 3 3,467 3 4 4,268 5 5 3,467 3 4 4,268 5 5 4,718 15 8 117,280 1 6 4,876 12 4 5,889 16 8 4,362 9 2 1,654 12 9 4,749 7 1 Canterbury — Current'Account .. .. 228,745 1 11 Farms, orchards, &c. .. .. 934,097 7 5 Dwellings, business premises, &c... 4,070,994 18 2 108,845 9 10 117,611 12 8 2,180 0 0 15,537 5 4 8,612 12 3 53.936 8 11 108,845 9 10 2,180 0 0 8,612 12 3 117,611 12 8 15,537 5 4 53.936 8 11 11,073 10 3 208.905 8 10 24,478 8 0 896.261 14 1 Dr. 6,089 15 3 1.031,760 16 9 7,127 2 7 30,312 14 7 1.721 19 5 11,206 16 3 11,024 0 7 1,347 1 8 46,665 17 5 39,532 8 3 10,934 19 2 53,872 6 9 49,614 18 6 4,190 17 6 5,962 16 7 26,511 4 7 1,788 10 2 Totals .. .. .. 2,233, 837 7 6 119,638 2 1 487,085 6 11 119,638 2 1 187,085 6 11 29,462 3 0 2,136,927 19 8 39,161 16 7 111,745 0 5 100,171 7 4 16,472 18 4 34,262 11 4 Otago — Current Account .. .. 108,026 11 0 Farms, orchards, &c. .. ... 305,881 14 6 Dwellings, business premises, &e.. . 377,624 12 5 23,581 2 4 27,630 8 1 200 0 0 5,771 19 3 5,125 0 0 21.659 15 11 23,581 2 4 27,630 8 1 200 0 0 5,771 19 3 5,125 0 0 21.659 15 11 6,559 2 8 i Dr. 8,438 9 0 Dr. 74 15 8 97,418 2 7 308,748 4 3 361,164 12 2 3,548 13 3 8,112 13 4 550 7 4 5,290 6 5 15,680 8 10 18,774 0 1 6,310 12 6 Dr.575 10 7 14,870 10 3 3,128 5 2 17,392 8 11 1,399 8 6 3.103 17 9 5,794 6 9 532 10 0 ' Totals .. .. .. 791,532 17 11 791,532 17 11 28,906 2 4 55,062 3 3 28,906 2 4 55,062 3 3 Dr. 1,954 2 0 767,330 19 0 12,211 13 11 39,744 15 4 38,573 11 8 3,952 3 1 9,430 14 6 Southland — Current Account .. .. I 117,725 16 3 Farms, orchards, &e. .. .. j 342,516 15 6 j Dwellings, business premises, &c... j 150,353 16 3 117,725 16 3 342,516 15 6 150,353 16 3 30,657 6 4 26,450 16 2 14 1 4 4,470 4 11 80 0 0 8.278 17 6 „ — . i 30,657 6 4 26,450 16 2 14 1 4 4,470 4 11 80 0 0 8.278 17 6 3,249 9 7 Dr. 1.503 9 2 Dr. 1,045 18 1 118,682 16 10 339,564 1 1 143,200 16 10 3,186 1 3 13,495 9 0 108 9 6 6,049 2 0 16.802 2 0 7.505 1 0 5.028 3 6 14,124 16 9 6,921 8 11 263 17 10 3,188 3 2 580 14 6 3,943 1 11 12,984 11 1 111 7 1 Totals .. ..- .. 610,596 8 0 610,596 8 0 30,751 7 8 39,199 18 7 30,751 7 8 39,199 18 7 700 2 4 601,447 14 9 16,789 19 9 30,356 5 0 26,074 9 2 4,032 15 6 17,039 0 1 Name of Account. 2,801,151 14 2 ! 6,475, 916 14 2 6,396,857 19 6 15,673,926 7 10 Stjmmaky. 549,919 ] 15,327 : 38,856 : 604,104 16 4 '577,998 7 5 14 4 ! 86,431 11 8 17 10 '269,804 13 11 . 8 6 934,234 13 0 200,750 122.289 : Dr. 862 : 322,177 bTJMMAKY. 8 6 2,572,322 14 17 5 6,282,522 19 18 3 6,166,773 1 7 8 15,021,618 15 7 100,708 16 7 135,875 18 9 133,836 17 2 10,231 12 10 92,516 5 4 5 273.482 15 3 319,306 0 11 267,860 14 3 105,190 9 4 219,737 12 7 8 19,302 3 1 ,321,404 10 4 295,594 4 5 27,505 14 0 17,606 15 0 8 393.493 14 11 '776.586 10 0 '697,291 15 10 142,927 16 2 329,860 12 11 Current Account .. .. 12,801,151 14 2 Farms, orchards, &c. .. .. '6,475,916 14 2 Dwellings, business premises, &c... |6,396, 857 19 6 12,801,151 14 2 ! 6,475, 916 14 2 6,396.857 19 6 549,919 16 4 '577,998 7 5 200,750 8 6 2,572,322 14 7 100,708 16 7 135,875 18 9 15,327 14 4 I 86,431 11 8 122.289 17 5 6,282.522 19 5 273.482 15 3 319,306 0 11 38,856 17 10 '269,804 13 11 Dr. 862 18 3 6,166,773 1 8 19.302 3 1 321.404 10 4 549,919 16 4 '577,998 7 5 15,327 14 4 ! 86,431 11 8 38,856 17 10 '269,804 13 11 Grand totals .. .. 15,673,926 7 10 604,104 8 6 934,234 13 0

17

C.—9

DISCHARGED SOLDIERS SETTLEMENT ACCOUNT. Receipts and Payments Account for Year ended 31st March, 1928. Receipts. i Payments. To Balance, Ist April, 1927 — £ s. d. £ s. d. By Advances on mortgages, &c.— £ s. d. £ a. d. Cash in Public Account .. 224,482 2 10 Current Account .. 545,535 10 4 Imprests outstanding .. 7,404 4 8 Section 2, Farms Account 15,327 14 4 Investment Account .. 467,383 13 3 Section 2, Dwellings Ac699,270 0 9 count .. .. 38,856 17 10 Repayments of advances— Miscellaneous advances .. 2,817 12 3 Current Account .. 577,998 7 5 ■ 602,537 14 9 Section 2, Farms Account 86,431 11 8 Capital expenditure on properties acquired by Section 2, Dwellings Ac- exercise of power of sale .. .. 4,472 .15 7 count .. .. 269,805 0 4 Realization Account—Expenses incidental to Buildings Account .. 459 13 0 acquisition of properties .. .. 16,683 4 6 Miscellaneous advances .. 2,065 4 1 Plant Account —Purchase of motor accessories, Instalments on merged &c. .. .. .. .. .. 29 12 5 transactions .. .. 245 310 Purchase of live and dead stock .. .. 546 17 11 937,005 0 4 . Repayment of State Advances mortgages .. 98 18 1 Receipts (deposits, &c.) on properties acquired Sundry estates .. .. .. .. 4,929 19 5 under power of sale .. .. .. 21,500 11 10 Sundry creditors— Accounts not cleared through Realization Account—Receipts from pro- Treasury in previous years .. .. 7,526 3 10 perties in course of realization .. .. 44,562 18 11 Loans repaid .. .. .. .. 533,620 0 0 Sales of live and dead stock .. .. 6,141 1 1 Interest on debentures .. .. .. 327,685 18 0 Sales of plant .. .. .. .. 136 4 3 Interest on advance from Consolidated Fund 320,000 0 0 Sales of farm-produce .. .. .. 527 11 0 Stamp duty on transfer of consolidated stock 85 18 5 Sundry estates .. .. .. .. 5,684 16 5 Management charges on consolidated stock .. 157 19 3 Recoveries of miscellaneous expenditure in Administration expenses .. .. .. 39,876 4 0 connection with, properties acquired .. 452 3 4 Expenses of Revaluation Board .. .. 151 II 3 Valuation fees .. .. .. .. 92 19 6 Miscellaneous expenditure in connection with Production, transfer, and lease fees .. 597 8 0 properties acquired under power of sale .. 4,774 7 8 Interest on advances— £ s. d. Valuation expenses .. .. .. 1.17 2 1. Current Account .. 133,846 2 7 Travelling-expenses .. .. .. 365 11 0 Section 2, Farms Account 267,873 16 9 Printing and stationery .. .. .. 296 9 2 Section 2, Dwellings Ac- Suspense Account .. .. .. 4,530 010 count .. .. 295,594 4 5 Fire Loss Suspense Account .. .. 17,614 15 8 Buildings Account .. 687 3 0 Audit fees ' .. .. .. .. 500 0 0 Interest on merged trans- Sundries .. .. .. .. 270811 actions .. .. 970 6 3 Balance, 31st March, 1928— £ s. d. Miscellaneous .. .. 19 4 3 Cash in Public Account .. 284,139 10 2 698,990 1.7 3 Imprests outstanding .. 4,993 211 Rent and grazing fees .. .. .. 22,021 9 7 Investment Account .. 346,244 8 3 Suspense Account .. .. .. 3,452 8 9 635,377 1 4 Fire Loss Suspense Account .. .. 17,936 12 5 Interest on investments .. .. .. 32.834 0 5 Sundry debtors (amounts not cleared through Treasury in previous years)— Recoveries under section 20, Discharged Soldiers Settlement Amendment £ s. d. Act, 1923 .. .. 28,719 8 4 Miscellaneous .. .. 2,253 4 11 30,972 13 3 Sundries .. .. .. 69 17 0 £2,522,248 14 1 £2,522,248 14 1

3—C. 9.

C—9

18

DISCHARGED SOLDIERS SETTLEMENT ACCOUNT—continued. Revenue Account for the Year ended 31st March, 1928. Dr. £ s. d. Cr. To Interest on debentures .. .. .. 326,051 010 By Interest on advances— £ s. d. £ s. d. Interest on advances from Consolidated Fund 540,000 0 0 Current Account .. 135,875 18 9 Stamp duty on transfers of consolidated stock 85 18 5 Section 2, Farms Account 319,306 0 11 Management charges on consolidated stock .. 157 19 3 Section 2, Dwellings AcAudit fees .. .. .. .. 500 0 0 count .. .. 321,404 10 4 Management expenses .. .. .. 39,876 4 0 Miscellaneous .. .. 59 311 Printing and stationery .. .. .. 296 9 2 — 776,645 13 11 Incidental expenses in connection with pro- Interest accrued under section 20 (3), Disperties acquired by the Crown .. .. 3,384 7 5 charged Soldiers Settlement Amendment Remissions of interest and rent .. .. 7,308 2 3 Act, .1923 .. .. .. .. 1,892 5 4 Rebates of interest and rent .. .. 42,892 8 2 Interest on value of buildings loaded on Valuation expenses .. .. .. 122 1 1 leases .. .. .. .. 946 4 8 Travelling-expenses of Inspectors of Sccu- Interest on surplus funds temporarily invested 33,013 14 0 rities, &c. .. .. .. .. 363 19 9 Interest on transfers under the Public Commissions on sales of properties, cSc. .. 457 0 3 Revenues Act, 1926 .. .. .. 5,635 8 2 Depreciation Reserve—Plant, &o. .. .. 793 11 10 Interest on'amount invested in Public Debt Interest written off —Postponements under Redemption Account .. .. .. 1,618 14 1 section 16, Discharged Soldiers Settlement Interest on purchase price of stock on MataiAmendment Act, 1921-22 .. .. 281 16 6 kona Settlement .. .. .. 670 15 1 Losses on realization of securities —Writings- Rents from properties bought in by Crown .. 26,594 17 2 off in Suspense .. .. .. 315,890 16 7 Profits from sales of properties, etc. .. 1,578 15 3 Losses written off under authority of section 4, Transfer and production fees .. .. 595 6 0 Discharged Soldiers Settlement Amendment Valuation fees .. .. .. .. 116 1 6 Aot, 1924 .. .. .. .. 1,080 8 8 Miscellaneous .. .. .. .. 413 9 1 Reduction in capital value of lease issued Net loss for year carried down .. .. 1,220,243 19 10 under section 4, Discharged Soldiers Settlement Amendment Act, 1921-22 .. .. 300 0 0 Reduction in capital value under section 216 of the Land Act, 1924 .. .. .. 1,536 7 0 Reductions of mortgages under section 6 (1) of the Deteriorated Lands Act, 1925 .. 29,173 11 9 Remissions of rent and interest under section 6 (1) of the Deteriorated Lands Act, 1925.. 9,413 1 8 Reserve for losses on abandoned properties, &c, on hand at 31st March, 1928 .. 750,000 0 0 £2,069,965 4 7 £2,069,965 4 7 £ s. d. £ s. d. To Net loss for year brought down .. ..1,220,243 19 10 By Adjustment of previous year's account .. 8,137 8 5 Bala.nce—Nct loss, 31st March, 1928 ..1,212,106 11 5 £1,220,243 19 10 £1,220,243 19 10 Balance-sheet as at 31st Maech, 1928. Liabilities. A ssets. Capital Account — £ s. d. £ s. d. Advances on mortgage— £ s. d. £ s. d. Securities issued .. 5,891,955 16 8 Current Account .. 2,575,311 14 4 Transferred from Con- Section 2, Farms Account 6,180,853 15 5 solidated Fund ..11,900,000 0 0 Section 2, Dwellings AcRedemption from Depre- count .. .. 6,136,899 18 0 ciation Fund Account.. 45,060 0 0 14,893,065 7 9 17,837,015 10 8 Land loased under sections 4 and 5, Disinterest on debentures accrued to 31st March, charged Soldiers Settlement Amendment but not payable on that date .. .. 101,990 4 5 Act, 1921-22 .. .. .. .. 358,501 0 0 Consolidated Fund, for interest unpaid on Unpaid purchase price (not yet payable) of amount transferred from Consolidated Fund 220,000 0 0 buildings on Crown properties .. .. 17,231 11 10 Interest due and unpaid on debentures .. 1,988 0 0 Sundry advances merged with value of Crown Sundry creditors—Payments in advance .. 7,046 11 10 lands, &c. (section 20 (3), Discharged Soldiers Land for Settlements Account—Accrued in- Settlement Amendment Act, 1923) .. 40,365 11 1 tcrest on purchase-money, Mataikona Estate 28,149 0 3 Property Account;— Proper creditors for — £ s. d. ties acquired by Crown— £ s. d. Miscellaneous sorvicos .. 5,012 1.0 9 Freehold .. .. 375,683 16 8 Advances from State Ad- Leasehold .. .. 255,240 12 2 vanoes Office on pro- . 630,924 8 10 perties acquired by Realization Account—Properties in course of Crown .. .". 7,654 7 2 realization .. .. .. .. 451,389 12 7 12,666 17 11 Sundry estates—Live and dead stock .. 27,906 13 7 Carried forward .. .. 18,206,806 11 1 Carried sorward .. .. .. 16,419,384 5 8

C.—9.

DISCHARGED SOLDIERS SETTLEMENT ACCOUNT— continued. Balance-sheet as at 31st March, 1928— continuedLiabilities —continued. £ s. d. Assets —continued. £ s. d. Brought forward .. .. 18,208,806 11 1 Brought forward .. .. .. 16,419,384 5 8 Suspense Account—Receipts not allocated .. 20917 11 Machinery and plant .. .. .. 4,699 8 3 Realization Suspense Account .. .. 76 6 11. Office requisites .. .. .. .. 18 6 1 Fire Loss Suspense Account .. .. 8,924 14 2 Dominion Revaluation Board — Current AdBents charged in advance .. .. .. 4,466 6 3 vances Suspense (sections 3 (3) (ft), Discharged Writings-off in Suspense .. .. .. 188,926 910 Soldiers Settlement Amendment Act, 1924).. ■ 20,368 15 4 Roservo for depreciation .. .. .. 3,182 19 1 Sundry debtors for principal Reserve for losses on abandoned properties, &c., instalments — £ s. d. on hand .. .. ~ .. 750,000 0 0 Section 2, Farms Account 60,589 17 7 Reserve Account .. .. .. .. 55,851 4 5 Section 2, Dwellings AoPer contra— oount .. .. 30,240 1 4 Accumulated losses written, off under sec- Buildings on properties .. 249 13 6 tion 22 of tho Finance Act, 1927 (No. 2), Merged interests (seeby discharge of liabilities— tion 20 (3), Discharged Interest unpaid on trans- £ s. d. Soldiers Settlement fer from Consolidated Amendment Act, 1923) 508 5 2 Fund .. .. 880,000 0 0 . 91,587 17 7 Interest on debentures Sundry debtors for miscellaneous advances .. 1,243 13 5 due to Consolidated Sundry debtors for interest — £ s. d. Fund .. .. 160,010 12 6 Current Account .. 82,789 16 3 Interest accrued on re- Section 2, Farms Account . 113,379 4 10 demption of deben- Section 2, Dwellings Actures from Consoli- count .. .. 1.8,007 11 6 dated Fund .. 496 2 1 Buildings on properties .. 302 14 11 Redemptions of deben- Merged interests (sectures from Consoli- tion 20 (31, Discharged dated Fund .. 30,000 0 0 Soldiers' Settlement Reduction of £13,500,000 Amendmont Act, 1923) 2,245 11 2 transfer from Consoli- Miscellaneous .. .. 33 9 1 dated Fund ..1,600,000 0 0 216,818 7 9 Against Reserve Account 250 12 8 Sundry debtors for — 2,670,757 7 3 Rent of properties .. 12,799 17 8 Sales of stock, implements, &c. .. .. 285 9 6 Miscellaneous services .. 375 3 4 13,460 10 6 Postponements— Principal instalments .. 41,586 16 8 Interest .. .. 118,409 14 3 Rents .. .. 1,011 11 4 161,008 2 3 Intorest on advances accrued but not due .. 119,042 0 6 Interest accrued and interest due on surplus funds temporarily invested .. .. 9,572 7 11 Losses in Suspense .. .. .. 188,926 9 10 Losses through Revaluation Board Acoount from Ist April, 1927 — Reductions in mortgage- £ s. d. value .. .. 55,952 12 6 Interest written off .. 1,576 14 I Remissions of interest .. 29,209 9 5 Revaluation Board expenses .. .. 156 16 3 86,895 12 3 Per contra — Accumulated losses written off under section 22 of the Finance Act, 1927 (No. 2)— Revenue Account—Loss £ s. d. to 31st March, 1927.. .1,190,337 5 11 Revaluation Board reductions, &o. .. 1,335,420 1 4 Charges and expenses of raising loans .. 145,000 0 0 2,670,757 7 3 Rovonue Account—Net loss, 31st March, 1928 1,212,106 11 5 Investment in Public Debt Redemption Account 39,934 19 7 £ s. d. Cash in Public Account .. 284,139 10 2 Imprests outstanding .. 4,993 211 Investment Account .. 346,244 8 3 635,377 1 4 £21,891,201 16 11 £21,891,201 16 11 J. B. Thompson, Under-Secretary for Lands. J. H. O'Donnell, Controller of Accounts. I hereby certify that the Statement of Receipts and Payments, Revenue Account, and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby. The following comments are appended : (1) The only assets verified are cash in Public Account, Imprests outstanding, investments and interest accrued on investments, and the liability for debenture loans. (2) Certain questions relative to the authority for writing off losses and the charging of compound interest in respect of liabilities to the Consolidated Fund and also in respect of Sinking Fund contributions to be set off against such liabilities are still under consideration.—G. F. C. Campbell, Controller and Auditor-General.

4—C. 9.

19

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LAND FOR SETTLEMENTS ACCOUNT (DISCHARGED SOLDIERS SETTLEMENT ACCOUNT). Receipts and Payments Account for Year ended 31st March, 1928. Receipts. Payments. £ s. d. To Balance at Ist April, 1927— £ s. d. £ s. d. By Administration expenses .. .. .. 2,095 1!) 7 Cash in Public Account .. 23,273 II 6 Land for settlement of discharged soldiers — Investment Account .. 95,000 0 0 Vote, " Expenses" .. .. .. 1,362 13 7 118,273 11 6 hand Laws Amendment Act, 1927, section 20, Receipts— Discharged Soldiers Settlement AmendRents, &c. .. .. 74,149 9 7 ment Act, 1923, section 20 (4)— Sales .. .. .. 1,078 16 4 Amount recouped to Discharged Soldiers Interest on sales.. .. 494 8 11 Settlement Account in respect of amount Miscellaneous.. .. 575 10 6 added, to capital value of land.. .. 6,130 18 1 76,298 5 4 Road access, Sic., to settlements .. .. 9,343 6 1 Section 49 (4), Land for Settlements Act, Refunds of revenue . .. .. .. 1,386 0 5 1925 —Amount received in respect of Publio Revenue Act, 1926, section 139 — settlement land converted into ordinary Interest recouped to Consolidated Fund .. 50,000 0 0 Crown lands .. .. .. 168 16 1 Amortization of debt —Securities redeemed Interest on securities and investments .. 6,830 12 1 and cancelled .. .. .. .. 100,000 0 0 Temporary transfers to other Accounts— Balance at 31st March, 1928 — £ s. d. Adjustments consequent upon Finance Act, Cash in Public Account .. 6,889 18 3 1927 (No. 2), section 16 .. .. 20,000 0 0 Investment Account ~ 45,000 0 0 Credits in aid—Vote, "Land for settlement of 51,889 18 3 discharged soldiers'expenses " .. .. 637 II 0 £222,208 16 0 £222,208 16 0 Revenue Account for Year ended 31st March, 1928. Dr. £ s. d. Cr. £ s. d. To Administration expenses .. .. .. 1,849 7 2 By Accrued rents, &c. .. .. .. 85,339 18 5 Improvements to settlements (Vote, " Ex- Accrued royalties .. .. .. 120 7 4 penses") .. .. .. .. 732 10 7 Interest on sales.. .. .. .. 639 18 3 Interest on loans .. .. .. 131,272 3 11 Interest on investments .. .. .. 6,813 12 1 Irrecoverable rents .. .. .. 7,933 14 4 Interest allowed on sinking-fund contributions 1,251 5 1 Losses under Deteriorated Balance carried down .. .. .. 227,903 12 10 Lands Act, 1925— £ s. d. Reductions in value of land 18,140 0 0 Reductions in value of buildings .. .. 515 0 0 Remissions of rent .. 292 1 7 Rents written off .. 2,576 6 8 21,523 8 3 Miscellaneous expenses .. .. .. 278 7 5 Rebates .. .. .. .. 5,137 14 4 Remissions of rent .. .. .. 3,341 8 0 Reserve for losses on revaluation of properties 150,000 0 0 £322,068 14 0 £322,068 14 0 £ s. d. £ s. d. To Balance brought down .. .. .. 227,903 12 10 By Interest allowed on sinking-fund contributions Balance from previous year .. .. 289,35117 1 to 31st March, 1927 .. .. .. 4,106 6 2 Accumulated revenue loss written off under Finance Act, 1927 (No. 2), section 22 .. 289,35117 1 Balance carried forward .. .. .. 223,797 6 8 £517,255 9 11 £517,255 9 11 i

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LAND FOR SETTLEMENTS ACCOUNT (DISCHARGED SOLDIERS SETTLEMENT ACCOUNT)— continued. Balance-sheet as at 31st March, 1928. Liabilities. A ssets. Capital Account— £ s. d. £ s. d. Estates — £ s. d. £ s. d. Debenture Account .. 2,111,050 0 0 Leased .. .. 1,658,349 0 10 Crown lands in estates .. 5,741. 0 0 Unleased .. .. 242,737 19 2 2,116,791 0 0 1,901,087 0 0 Sundry creditors— Unpaid purchase price (not yet payable)— Interest duo on loans— Land .. .. .. .. .. 14,865 I 10 Consolidated Fund .. 81,628 0 4 Buildings .. .. .. .. 69,798 14 9 Due and unpaid .. 256 3 4 Mount Pisa Estate Account .. .. 112 16 8 81,884 3 8 Sundry debtors— £ s. d. Interest accrued but not due on loans .. 10,813 9 2 Rents, &c. .. .. 31,680 8 10 Miscellaneous .. .. .. .. 2,101 12 9 Less reserve for irrecover.l'ayments in advance — ablo rents .. .. 1,500 0 0 Rents .. .. .. .. 1,607 7 11 30,180 8 10 Principal instalments on buildings .. 42 4 8 Principal instalments on buildings .. 998 4 9 Principal instalments on sales of land .. 355 I 8 Principal instalments on sales of land .. 254 1 11 Sales of land .. .. .. .. 45 0 0 Interest on sales of land .. .. 261 0 I Interest on sales of land .. .. 33 15 9 Interest on purchase price, MataikonaEstate 28,149 0 3 Amounts charged in advance — Interest on investments .. .. .. 260 5 3 Rents .. .. .. .. 20,015 17 4 Miscellaneous .. .. .. .. 84 13 2 Interest .. .. .. .. 40 0 0 Bills receivable —Gleneoe Settlement Drains Writings-otf in Suspense .. .. .. 5,858 10 5 Account .. .. .. .. 240 0 0 Reserve for losses on revaluation of properties 150,000 0 0 Postponements outstanding— Reserve .. .. .. .. 90,930 8 2 Rent .. .. .. .. .. 42,288 9 -1 Accumulated losses written off under section 22 Principal instalments on buildings .. 800 7 7 of the Finance Act, 1927 (No. 2)— Interest on sales .. .. .. 129 2 10 Remission of interest due £ s. d. Interest accruod but not due on— to Consolidated Fund .. 466,229 7 6 Sales of land .. .. .. .. 144 6 3 Reduction of Capital Ac- Investments .. .. .. .. 799 9 0 count .. .. 1,011,000 0 0 Losses in Suspense Account .. .. 5,858 10 5 Against Reserve Account 26,975 7 0 Depreciation in land-values, &c. .. .. 60,543 13 6 Revaluation Board determinations, &c.— Act per contra .. .. .. .. 1,504,204 14 6 Reduction in value of £ s. d. land .. .. 11,002 7 8 Reduction in value of buildings .. .. 162 18 5 Rents written off .. 523 16 7 Remissions .. .. 4,113 19 7 15,803 1 3 Accumulated losses written off under section 22 of the Finance Act, 1927 (No. 2)— Revenue Account—Loss to £ s. d. 31st March, 1927 .. 289,35117 I Depreciation of land-values 115,362 14 11 Revaluation Board reductions .. .. 1,099,490 2 6 As per contra .. .. .. .. 1,504,204 14 6 Revenue Aocount .. .. .. 223,797 6 8 Investment in Public Debt Redemption Fund 32,532 12 11 Cash in Public Account .. 6,889 18 3 Investment Account .. 45,000 0 0 51,889 18 3 3,984,783 6 0 £3,984,783 6 0 J. B. Thompson, Under-Secretary for Lands. J. H. O'Donnell, Controller of Accounts. I hereby certify that the Receipts and Payments, Revenue Account, and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby. The following comment is appended : Interest on the amount held in the Public Debt Redemption Fund has been compounded, whereas there is no statutory provision therefor.— G. F. C. Campbell, Controller and Auditor-General.

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